Hi Thor,
Our software can create the drives that could be shared over iSCSI to the Hyper-V hosts, those drives will use the local drives on the servers where the StarWind is installed to create the shared storage. What is important - our software can be installed on the same partition so as the Hyper-V.
I hope that helped you a little bit to understand the very basics of our software.
I want to let you knwo that we`ve got pretty useful techpapers that you can find by using the links below:
http://www.starwindsoftware.com/technical-papers
http://www.starwindsoftware.com/white-papers
Feel free to ask more questions if you will still have some questions.